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There are many ways to be able to afford a college education. If you are in high school but will be taking the ACT and other college entrance exams over the next two years, you want to think about how you will fund your college career.

Perhaps you’re thinking about going to a trade or technical school instead. Maybe you have a goal of becoming an auto mechanic which is a great field, or a welder or someone who is more of a hands-on person. Whatever the case, you need to think about how you will fund your college expenses so that you will have enough money to do something else as well.

There are many scholarships for high school students that you can look into. We often leave links for you to investigate and talk with your parents about to decide which ones might be right for you.

Scholarships are a way of creating free money for college and there are several options for this. In another post we’ll talk about various scholarship sites you can check out.

But for now, think about what you do well what you would like to do for a living and consider whether or not there is a national need for these careers. We’ve often talked about the importance of Fin Tech and the future of technology and where it is taking us.

Mark Cuban, a technology and media expert, who we often referred to as a model entrepreneur for young people to emulate to some degree, often talks about a time when AI will take over most of the manual labor jobs.

But it’s nothing to worry about as long as you could be creative enough and think outside the box so that you will be the one they keep on. If you are creative enough, you will be able to literally create your own jobs in a few years.

Companies will always need people to maintain the robot machinery as well as to keep a human element to the job workplace. A living, breathing human will all always be needed to run things and create a better mousetrap. So look into scholarships for high school students that deal with FinTech or technology jobs if you have a knack in that direction.

There are many ways to be able to afford a college education. If you are in high school but will be taking the ACT and other college entrance exams over the next two years, you want to think about how you will fund your college career.

Perhaps you’re thinking about going to a trade or technical school instead. Maybe you have a goal of becoming an auto mechanic which is a great field, or a welder or someone who is more of a hands-on person. Whatever the case, you need to think about how you will fund your college expenses so that you will have enough money to do something else as well.

There are many scholarships for high school students that you can look into. We often leave links for you to investigate and talk with your parents about to decide which ones might be right for you.

Scholarships are a way of creating free money for college and there are several options for this. In another post we’ll talk about various scholarship sites you can check out.

But for now, think about what you do well what you would like to do for a living and consider whether or not there is a national need for these careers. We’ve often talked about the importance of Fin Tech and the future of technology and where it is taking us.

Mark Cuban, a technology and media expert, who we often referred to as a model entrepreneur for young people to emulate to some degree, often talks about a time when AI will take over most of the manual labor jobs.

But it’s nothing to worry about as long as you could be creative enough and think outside the box so that you will be the one they keep on. If you are creative enough, you will be able to literally create your own jobs in a few years.

Companies will always need people to maintain the robot machinery as well as to keep a human element to the job workplace. A living, breathing human will all always be needed to run things and create a better mousetrap. So look into scholarships for high school students that deal with FinTech or technology jobs if you have a knack in that direction.

One of the problems with borrowing money is that it has to be paid back sooner or later. This may seem like an obvious statement. But many people fail to consider this concept when they are excited about going to college. They seldom think about repaying private student loans when they are first signing the paperwork. They think of the payback period as a long way in the future.

But time flies faster than people think. Before you know it, the four years are done, graduation happens, and it’s time to pay the loan back. There is often a grace period before payback begins, but this only buys a little time.

Like shopping for a new car or home, salespeople sometimes use the emotional excitement of new borrowers to get them to sign an agreement before they are ready to do so. It’s important to take ones time when considering all of the options.

When considering repaying private student loans, borrowers should think about how they will work the payments into their budget. This is sometimes difficult since students don’t know exactly how much money they will make after graduation. But it should inspire them to do the best they can to get enough education to be successful.

As a general rule, students should never take out more money than they can afford to pay every month. But don’t just think about it in terms of a monthly payment. The long term payment should also be considered. Experts in the financial field recommend never borrowing more money than someone can comfortably pay back in about 10 years.

Why Borrowers Get Into Trouble With Repaying Student Loans

According to financial experts, student borrowers often get into trouble with their student loan debt because they delay paying it so long that a small amount becomes a colossal amount. Since interest accrues over time, the amount that must be paid back increases each year or during each deferment that you choose not to pay.

Most federal lending institutions allow students to avoid paying for periods of one year or six months at a time. However, during this time, the interest will continue to increase unless you pay back the interest at the end or during this deferment period.

If a student returns to school while they are paying back their student loan, they may be able to defer payments if they are in school for at least half time.

Credible is a site that helps you do your own research to determine which type of loan is viable and credible. It is important to be able to trust the lending institution that you are doing business with so that you know you are dealing with a fair and honest company, and that’s what Credible was founded on.

Credible not only allows you to check reliability but also for home loans and many other types of financial funding, such as student loans. You can check interest rates as well and compare many companies side-by-side. 

It pays to do your own research when it comes to finding credible student loans. You don’t want to take on more than you can handle when it comes to acquiring debt for college. But many people would not be able to obtain a college degree without financial help. 

The financial tech world is growing and there will be better ways of determining which loans are credible in the near future including the use of AI, machine learning, and more. 

Wouldn’t it be nice if everyone was honest? Of course, we know in the real world this is not the case. But credible.com helps you get closer to that by offering a free search engine that helps you search for the best rates by comparing various financial institutions side-by-side.. 

You can check the interest rates of student loans and see what you might prequalify for as well as student loan refinancing.

If you have a previous loan you’re already paying; you can look into personal loans to see what you might be eligible for. The best part is it is an online marketplace that allows you to get competitive personalized loan offers from multiple vendors at the same time. 

Since they are competing with each other to get clients, they are more likely to offer you better rates. You just fill out a straightforward form, and you’ll get your personalized rates right away. Then you can make your own choice on the options you want.

They have refinancing student loans available as well as private student loans, personal loans, and even credit cards.

You can compare from many of their partner lenders right on their website up to 8 to 10 at a time. This is an excellent resource to make sure that you get a fair and honest deal and they have a 9.6 confidence rating from Trustpilot.

No matter what you hear from socialist Presidential candidate hopefuls, nothing in life is free. There is even a price for freedom. It’s called “responsibility.” Anyone who tells you everything can be free is not being truthful. What they mean is that you may not have to pay for something, but the bill goes to someone else. That’s not a fair way to operate, and no university or college in the country has professors who are willing to work for free.

However, rather than demanding that college (and other services) should be free, think about how you can earn the right to have some (or all) of your college paid for. You can do it by working hard to receive a scholarship in your chosen area of study.

If you do your research, you will discover that there are a number of fields that are in high demand in the coming years. If you choose one of these areas, you are more likely to be awarded scholarships.

This is especially true if you choose a field that is both in high demand but is a bit less popular.

For example, going into nuclear physics is a “high-demand” profession because few people can (or want) to go into it. Let’s face it, there are very few modern Albert Einsteins. But for those few that have that advanced ability or brainy left-brain talent, why not? You’ll be getting calls from NASA or being the first pilot to Neptune.

Careers in High Demand

But, coming back to Earth (no pun intended), let’s look at some of the fields that are in high demand that are more interesting to most young people today. Some of them are a lot of fun, too. Here’s the short list:

Personal care aids

Fast food workers

Applications software developer

Healthcare administration expert

Computer technicians and support specialists

IT security experts

Programmers

Market research analysts

Hospitality experts

IT banking expert

This is a wide variety of industries and career paths. Choose one or two that you have an interest in and research the salaries, working environments, and current demand as well as the prognosticated need in the future. This will help you decide which field you want to spend your time on, and what your chances are of getting financial aid to reduce college costs are.

Remember that education expensive for a reason. It’s are supposed to prepare you for a lucrative career after graduation. That’s why college isn’t free.

Start now to earn scholarships , though, and it can save you lots of money later.

You’ve probably heard of Wells Fargo, the bank, but did you know they also offer student loans? Wells Fargo has an interest in helping students reach their educational goals by providing these loans. A loan from the Wells Fargo Bank can fund up to 100% of your college or technical school’s expenses, and is a great resource to help cover the gap left behind when other financial aid doesn’t cover the cost of attendance.

Wells Fargo Student Loan Options

Wells Fargo is a well-known banking institution, so you can rest easy knowing that you’re working with a lender you can trust. Wells Fargo’s college loan program includes perks like:

No   payments as long as you are in school

Competitive interest rates

Discounts available to lower your interest rate

No early  repayment or borrowing fees

Parent Loans

On top of funding student loans, they also offer parent loans to help students pay for college. This loan program includes features such as:

Loan funds  sent directly to you, so you can decide what college expenses to put the money toward

Competitive  interest rates

Discounts available to lower your interest rate

The option to either repay immediately, or make interest-only payments for up to two  years

Student Loan Debt Consolidation

If you’re looking to consolidate or refinancing existing student loans, Wells Fargo also offers loans to help you repay federal and/or private student loans. Consolidating or refinancing existing student loans can help you:

Get a  lower interest rate

Achieve a lower monthly payment

Move to a fixed or variable-rate loan

Combine existing federal and/or private student loans into one loan

Move to a  different repayment term

During the 2018-19 academic year, federal student loan interest rates were set at 5.05% for undergraduate loans. Federal Direct Parent PLUS loans were at 7.6%, and Federal Direct Graduate PLUS loans were pegged at 6.6%.

Federal student loan interest rates for the upcoming 2019-20 academic year will be decreasing to 4.53% for Federal Direct Subsidized and Unsubsidized loans for undergraduates. Federal Direct Parent PLUS loans will be set at 7.08%. Federal unsubsidized loans for graduate and professional students will decrease to 6.08%

These lower interest rates are great news if you or someone who know will be attending college in the coming academic year and need to borrow loan funds. Currently, around 70% of students who are taking out student loans to attend college.

Private Student Loan Interest Rates

Private student loans are run by private lending institutions so they are not under these legislative actions the President is taking to give more students the ability to borrow a reasonable amount to attend college.

Interest rates on private student loans can vary, depending on the lender. Other factors can also effect student loan rates including your personal credit score.

There’s no need to worry, though, if you do not yet have a credit rating or if you have a credit rating that is lower than desired for a private student loan. You can get a cosigner to sign with you and it will usually help you to qualify for a private student loan. (Credit histories and scores are not a factor in determining your ability to borrow a Federal Direct Subsidized or Unsubsidized student loan).

The Domino Effect

Much of what happens in the political arena creates a “domino effect” in the financial world. The reduction in student loan interest rates  should help students and parents to reduce the amount of interest they will pay on federal student loans.